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Commenti a un recente studio di Modigliani e Padoa-Schioppa (Comments on a recent study by Modigliani and Padoa-Schioppa)

Moneta e Credito

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Title Commenti a un recente studio di Modigliani e Padoa-Schioppa (Comments on a recent study by Modigliani and Padoa-Schioppa)
 
Creator CASAROSA, C.
 
Subject —
Modigliani, Padoa-Schioppa, real wages, employment, indexation, price stability, taxation
E24, E31, J31
 
Description In a recent work, F. Modigliani and T. Padoa-Schioppa presented a theoretical framework in support of the widely diffused thesis among economic commentators regarding the existence of an inverse relationship between real wages and employment. Their central thesis is that in an economy where wages are indexed 100%, for each value of the real wage only one level of real national product exists that is consistent with price stability. One of their specific propositions is that a reduction of social contributions covered by an equal tightening of indirect taxation does not produce any effect on the equilibrium level of employment, nor on the rate of inflation outside of equilibrium. It is argued that this proposition is valid for both a closed economy as well as an open one. In the present article, the author shows instead that, under the model M. PS, this proposition in general is not valid for either a closed economy or for an open economy.JEL: E24, E31, J31
 
Publisher Associazione Economia civile
 
Contributor —
 
Date 2014-03-25
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articolo peer-review
 
Format application/pdf
 
Identifier http://ojs.uniroma1.it/index.php/monetaecredito/article/view/11835
 
Source Moneta e Credito; Vol 31, N° 121 (1978)
Moneta e Credito; Vol 31, N° 121 (1978)
2037-3651
 
Language ita
 
Relation http://ojs.uniroma1.it/index.php/monetaecredito/article/view/11835/11649
 
Rights Copyright (c) 2016 C. CASAROSA
http://creativecommons.org/licenses/by-nc-nd/4.0